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Tabreed targets $272m loan
The UAE based district cooling firm Tabreed is looking to set up a $272m syndicated loan to help finance its regional expansion programme, reported Emirates Business 24/7. The company's CEO Dany Safi said Tabreed will build plants in Saudi Arabia, Kuwait and Oman and will invest up to $7bn over the next five years to keep pace with the ongoing real estate boom and population explosion.
NBAD finances Emroc project
The Emirates - Morocco General Trading and Investment Company (Emroc) has agreed a $272m deal with the National Bank of Abu Dhabi (NBAD), reported Gulf News. The funds will be used to finance the firm's mixed use real estate project in Abu Dhabi on 120,000 sqft of land opposite the Emirates Palace. The twin tower 37 storey venture, including a five star hotel, should be completed in October 2010.
Qatari Diar, Arcapita JV
The Qatari Diar Real Estate Investment Company has hooked up with Bahrain's Arcapita Bank to establish a joint venture (JV) company that will specialise in the provision and operation of utilities and infrastructure services. The JV will be named the Diar Infrastructure Services Company and it will be established in Qatar. The firm's immediate focus will be to develop, own and operate the utility requirements of Diar's Lusail real estate project.
Arkan in South Korean tie-up
Arkan Building Materials has signed a deal with South Korea's Kyung In Company to form a joint venture (JV) to carry out piling operations in the UAE. Arkan will own a majority 65% stake in the JV, while Kyung In will own the remaining shares. The paid up capital will initially be around $27m and the firm will be incorporated in Q1 2008.
$200m town for Palestine
Palestine's Bayti Real Estate Development Company is to build a township in the West Bank costing $200m and which will house 25,000 people, reported the AFP. The project will entail the construction of 4,000 homes just north of Ramallah and the first units should be ready in 2010. All the land needed for the development, called Rawabi, has been acquired and it is likely thousands of construction jobs will be created.
Limitless starts Halong Star
Dubai based real estate developer Limitless has broken ground on its $220m Halong Star development at Halong Bay near Hanoi, Vietnam. Halong Star, announced in September, is a joint venture between Limitless, the Phuong Hung Joint Stock Company and International Property Investment Partners. The project will include a five star hotel, conference facilities, residential units and recreational, cultural and education amenities; it will take five years to complete.
GFH $3bn Tunis project
Bahrain's Gulf Finance House (GFH) intends to spend $3bn constructing a financial park and real estate development north of Tunis, reported Reuters. The Tunis Financial Harbour will cover 450 hectares in the Raoued suburb of the city. The venture will contain a corporate centre, an investment banking and advisory centre, an insurance centre and an exchange, as well as other mixed use amenities such as homes, offices and a golf course.
Dubai agency in tenant pledge
Marwan bin Galita, the CEO of Dubai's Real Estate Regulatory Agency, has said urged tenants in the city to seek the support of the government committee to fight violations of the 7% rent cap, reported Gulf News. Galita said tenants should refuse to sign any illegal contracts and file a complaint with the agency. It is believed some landlords are still trying to impose 30% rent hikes.
Amlak seeks $1.6bn
Dubai based shariah compliant mortgage provider Amlak Finance is aiming to raise around $1.6bn next year to support its regional expansion, reported Reuters. Chairman Nasser Al Sheikh said the cash could be raised via sukuk or covered bonds, while it will sell $75m worth of shares in a Jordanian affiliate early next year. The firm has delayed the sale of $260m of sukuk due to the global credit crunch.
Sabic hit by construction costs
The increase in construction costs in the Middle East could force firms to cancel petrochemical projects, Saudi Basic Industries Corporation(Sabic) the world's largest chemical maker by market value, reported Reuters. Costs have surged by 50 per cent in the past four years, Sabic chief executive Mohamed Al-Mady said. Building costs are climbing across the oil-exporting Gulf Arab region, driven by increases in global prices for materials such as steel and competition among regional contractors working on $2.4 trillion worth of projects, which is pushing up wages.
Sri Lanka to develop 15,000 villas in Qatar
Rajitha Senaratne, Minister of Construction and Engineering of Sri Lanka said that the Government has signed a Memorandum of Understanding with the Government of Qatar to construct 15,000 luxury villas in Qatar at a cost of $5000m, reported Daily News. Addressing the media at the Information Department, Senaratne said more than ten thousand Sri Lankans including engineers, carpenters, plumbers, welders and laborers will obtain employment in Qatar soon after the project is implemented. Construction works on the luxury villas will be completed in two years.
Rezidor to open residences in Dubai
Brussels-based The Rezidor Hotel Group has announced that it will launch its first UAE luxury apartments with the opening of Radisson SAS Residence, Dubai Marina, in the first quarter of next year. The residence, which is owned by Kuwaiti real estate developer Abyaar, will have 152 luxury apartments including 22 studios and 131 one and two bedroom suites.
New plan for $3bn Dubai Pearl
Pearl Dubai, a consortium of investors led by the Al Fahim Group, ahs announced it has bought and repositioned the $3bn Dubai Pearl development. The project, located in the Dubai Media and Technology Free Zone (Tecom) overlooking Palm Jumeirah, will be built over more than 15 million square feet and feature climate conditioned pedestrian walkways to create a street cafe ambience. The residential component of the project will include sky palaces with private pools and gardens, sky penthouses, luxury branded apartments and condominiums.
Emaar forms JV for utilities management
Dubai-based Emaar Properties has signed a joint venture with UK-based United Utilities to set up a new firm - Emaar Utilities - that will undertake the utilities management of all Emaar projects in Dubai. Emaar Utilities will focus on enhancing customer service, and promote water conservation measures and sustainable environmental practices.
Limitless to seek $1.2bn loan
Dubai-based property company Limitless is preparing to launch syndication of a $1.2bn, two-year Islamic loan via mandated lead arranger Emirates Islamic Bank, reported Reuters. Proceeds will be used to finance the borrower's Jebel Ali mega-development in Dubai.
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